Summary: H.R.1665 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for H.R.1665. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/08/2021)

Employee Profit-Sharing Encouragement Act of 2021

This bill denies the business tax deduction for the remuneration of highly-compensated corporate employees unless the corporation has average annual gross receipts of less than $25 million and maintains a plan for making qualified profit-sharing distributions to its employees. The bill defines qualified profit-sharing distributions as cash distributions under a written employer plan that gives employees who have been employed for at least one year a right to profit-sharing distributions and bases the amount of such distributions on the measure of the receipts, profit, revenues, or earnings of the employer.